Bits-N-Bytes Stories


PAYE Tax Tabel 1 March 2021 - 28 February 2022

May 8, 2021

Contributor: Nkosikhona Phakathi

TAX RATES AND REBATESIndividuals, Estates & Special TrustsTaxable IncomeRate of tax (R)R0 – R205 90018% of taxable incomeR205 901 – R321 600R37 062 + 26% of taxable income above R205 900R321 601 – R445 100R67 144 + 31% of taxable income above R321 600R445 101 – R584 200R105 429 + 36% of taxable ...

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Can I tell you about my friend Semi?

Dec. 20, 2020

Contributor: Nkosikhona Phakathi

Did you say yes? I heard yes.I was chatting to my friend in business for 5 years now and he told me about one of his biggest challenges as a hands-on business owner from Butterworth (Eastern Cape)As I listened to him I actually learned a lot and I could not help but imagine how many other business owners ad the same issue.Semi has two small shops in Butterworth selling IT Consumables mostly, these businesses are doing well as one is by the busy Taxi Rank and one is in a mush more premium part where they target bigger schools and ...

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Some of the bookkeeping mistakes that could affect your business

Aug. 19, 2020

Contributor: Nkosikhona Phakathi

Maybe you never considered that bad bookkeeping can destroy your business, but you have to consider that it may affect the decision making and it can have a bad effect on your company. If you don’t understand your finances or you lack the financial education and knowledge, your business may fail within a few years. But a few simple procedures may help you do a proper bookkeeping. Also, you can work with a professional bookkeeper to avoid all the problems and be sure to have your finance in good hands. Professional bookkeepers have years of experience in working with a ...

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15 August 2020 We launch the POS Deals for South Africa, Namibia, Lesotho, Swaziland (Eswatini) and Botswana

Aug. 15, 2020

Contributor: Nkosikhona Phakathi

Launching is easy, fulfilling is a challenge we are wiling to take on.Today we have started listing various products that are going to make it easier for our customers to sell better, serving them better than ever.We understand that software is great, but software alone is not complete, with this in mind we are now offering a wide range of products for your shop. From Display Stands to Point of Sale, and all of these can be bought from our five countries we do business in and they will be shipped to your door.Lets do this together, remember we are ...

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Financing: Starting without money​ (SEDA)

May 6, 2020

Contributor: Nkosikhona Phakathi

Starting a business will always cost you money, but there are ways of doing it that could prevent you from having to come up with a lump sum. The trick here is to start off very slowly, developing your ideas and your products in your spare time, doing your own research, selling a few products to test the market, getting feedback from customers, etc. Here are some tips:Don't quit your day job: If you are fortunate enough to be employed, use your current income to experiment with your business idea. Work on your products at the weekend, and ...

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Track every cent with Bits N Bytes Trader

May 1, 2020

Contributor: Nkosikhona Phakathi

Tracking payments can be a bit difficult as easy as it may seem from the first glance; for starters, you ...

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Why you shouldn't use excel, the importance of Accounting software

April 29, 2020

Contributor: Nkosikhona Phakathi

I have been asked to keep this short and simple and short but I cannot really see how that is possible when in South Africa and Africa as a whole we have big businesses that are using excel for Payroll, Invoicing, etc.Tracking time, payments, sales seems easy when you first start using excel for invoicing, but after a few invoices it all changes, it isn't.Another thing about excel is you first need to find a template that is really good, and you start fiddling with the formulas before you get it all right.File ManagementNow that you have done a quote ...

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First degree Murder! What kills most small businesses

April 21, 2020

Contributor: Nkosikhona Phakathi

Starting a business is easy, trust me it is very easy, you can do it, I can do it, she can do it, he can do it. Over the past 15 years I have started more than 9 businesses from Online Classifieds site to Interactive Agency, you name it, I have done a few; and through that I have learnt a few lessons that I am going to share with you today. MeYes, you! sometimes when we start a business we are more concerned about US, we let our egos run the business and along the way we develop negative ...

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VAT (Tax) and Currency in Lesotho

April 21, 2020

Contributor: Nkosikhona Phakathi

Are you doing business in Lesotho there are a few things to know.CurrencyLesotho uses a currency called Loti which is subdivided into 100 Sentse, the Loti is pegged at 1:1 with the South African Rand through the common monetary area. Most businesses in Lesotho do accept the South African Rand as a local currency as well pegged at 1:1.Coins in circulation are:5 lisente10 lisente20 lisente50 lisente1 loti2 maloti5 malotiNotes in Circulation are:10 Maloti20 Maloti50 Maloti100 Maloti200 MalotiSymbol L or M (pl.)ISO Code: LSLVATThe Value Added Tax is the revenue collected out of business transactions, in Lesotho VAT may be  collected ...

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